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Mirach Energy Ltd Announces Proposed Placement Of 152,000,000 New Ordinary Shares; Enters Into Term Sheet With Respect To Proposed Grant Of Convertible Loan Of Aggregate Amount Of Up To SGD36,000,000

Wednesday, 26 Jun 2013 06:38am EDT 

Mirach Energy Ltd announced that the Company has entered into the following: a subscription agreement (the Subscription Agreement) with Tan Ah Ee, Goh Yeo Hwa, Adrich Ng Kim Seng, Ng Lim Huak, Tan Kim Sing, Tan Thiam Chye, Ho Siow Poh, Lim Yi Shenn, Tan Chin Tuan and Teo Choon Leng Jeffrey (each a Subscriber and collectively the Subscribers) on June 26, 2013; and a binding term sheet (Term Sheet) on 26 June 2013 with Tan Ah Ee, Goh Yeo Hwa, Tan Thiam Chye, Ho Siow Poh, Tan Chin Tuan and Lim Yi Shenn (each a Lender and collectively the Lenders) in relation to the proposed grant by the Lenders of a convertible loan of an aggregate amount of up to SGD36,000,000 (the Loan), with an option to convert the Loan into fully-paid ordinary shares of the Company (Conversion Shares) at a conversion price of SGD0.1242 (the Proposed Convertible Loan). Pursuant to the terms of the Subscription Agreement, the Company has agreed to allot and issue, and the Subscribers have agreed to subscribe and pay for an aggregate of 152,000,000 new ordinary shares in the capital of the Company (the New Shares) at SGD0.1242 (the Placement Price) for each New Share (the Proposed Placement), amounting to an aggregate subscription consideration of SGD18,878,400. The net proceeds from the Proposed Placement after deducting estimated expenses, is approximately SGD18.1 million. 

Company Quote

27 Mar 2015